The amending Act discussed here concerns the ability of banks and cooperative savings and credit unions to disclose information covered by professional or banking secrecy.
The changes aim to establish an unambiguous legal basis for disclosing this information without risking a fine or imprisonment, and to streamline restructuring and bankruptcy proceedings.
The law before the amendment
Before the amendment, the Banking Law of 29 August 1997 contained no provisions expressly allowing banks to disclose information covered by banking secrecy to the bodies conducting restructuring or bankruptcy proceedings. The Act of 5 November 2009 on cooperative savings and credit unions likewise contained no relevant provisions allowing credit unions to disclose information covered by professional secrecy that was important to restructuring or bankruptcy proceedings. The absence of a legal basis gave rise to numerous interpretative doubts, making these proceedings more difficult.
Changes introduced by the amendment
- Amendment to Article 104(2) of the Banking Law of 29 August 1997
In Article 104(2), concerning the obligation to provide selected entities with information covered by banking secrecy, the legislature added points 4b–4d. These allow banks to disclose such information to the bodies conducting restructuring and bankruptcy proceedings. The bodies added under the new provisions are the bankruptcy trustee, court supervisor or administrator, and interim court supervisor.
- Amendment to Article 178(5) of the Bankruptcy Law of 28 February 2003
Before the amendment, cooperative savings and credit unions were not required to notify the trustee of the bankrupt’s accounts. The change is intended to introduce that obligation for credit unions.
- Amendments to Article 9f(1) of the Act of 5 November 2009 on cooperative savings and credit unions
In Article 9f(1), concerning the disclosure of information covered by professional secrecy, the legislature added points 14b–14d. As under banking law, these mean that credit unions will not be bound by professional secrecy when providing information to a trustee, court supervisor or administrator, or interim court supervisor in bankruptcy or restructuring proceedings.
- Amendment to the Restructuring Law of 15 May 2015
A new provision, Article 26a, has been added to the Restructuring Law. It imposes a new obligation on banks and cooperative savings and credit unions. They must notify the financial supervisor or administrator of the debtor’s bank accounts and the safes or safe-deposit boxes used by the debtor. This obligation arises following announcement of the order opening restructuring proceedings concerning that debtor. Banks and credit unions must therefore retrospectively examine both announcements opening restructuring and bankruptcy proceedings and announcements of their conclusion.
Entry into force and transitional provisions
The Act entered into force on 9 September 2025. Under its transitional provisions, however, it does not apply to bankruptcy or restructuring proceedings commenced and not concluded before that date.
